Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we’re going to answer the question, “Is VIX actually implied volatility?” The simple answer to this question is yes, it’s implied volatility, but only for the S&P 500. The VIX itself is basically derived off of the expected future S&P 500 move and the S&P 500 index options over the next 30 days. You could look at VIX as actually the implied volatility reading on the S&P 500. Now, people use the VIX as a broad barometer for market fear or market volatility because the S&P 500 ends up being one of the benchmarks that everyone uses. As a result, when we talk about having high general market volatility, we’re usually referring to either a high or low VIX level as an indication of where implied volatility is in the market. Hopefully this helps out. As always, if you guys have any questions, let us know and until next time, happy trading.